Podcasts

29 Aug Kill the Rainmaker

When I was in school, I saw a play called ‘Death of a Salesman’ by Arthur Miller. Willy Loman, the main character was a brilliant salesman but tried to get to the top by creating an unrealistic image of himself. The lie he was living stopped himself from ever moving forwards. Ultimately, Willy dies because of his own actions. Instead of killing the salesman, I’ll show you some ways you can kill the rainmaker!

Within your business, as a partner or shareholder, you’re most likely the one who really pushed things forwards and encouraged growth. You do things your way with the clients you have. You’ll most likely be the one selling it and ultimately reaping the rewards enjoying the benefits when you retire.

However, there is a problem with this; if it’s just your name above the door (unless it’s an amazing name) it’s not enough – your business needs to be bigger than just you. This is where we remove the rainmaker, the rainmaker being you, the key person who is responsible for devaluing the business.

Here 3 ways you can remove the rainmaker and rapidly increasing growth and value:

1. Create a system

Build a solid system and people will be more interested in buying the business. It’s vital to have a system in place, so, when it comes to the point where you’re ready to retire or sell up, there will be a system there for the new owners that they can follow. This is important because when it comes to the point of selling, if the business is just you, your contacts and your team these will all go with you. If the new owners have a different way of thinking to you, it will be difficult for them to continue business. This is why a ‘one size fits all’ system is great for you and potential new owners.

2. Build a team

A strong team is a major asset. You don’t need a huge workforce, just a positive team following the systems you have in place. This will eradicate the rainmaker and make the business bigger than just you.

3. Processes

Processes are important as they allow the systems you have in place to be carried out so if you are away or ultimately want to work less days a week, things can carry on as normal.

You don’t have to hand every aspect of your business over to the team. You still want involvement and it’s important you remain a part of what you have built. I think it’s a good idea to distribute the processes to the team accordingly. For example, if you have 20 clients, you would maintain the relationships and look after your top clients. Hand some of the work load over to the team and they can look after the remaining clients. Therefore, it’s important for your team to have a clear understanding of the systems so clients are still assisted in the same way and you’re not the only one involved. The rainmaker has been removed from the scenario once again. Ultimately, the more time you have, the more you can bring back into the business.

Of course, systems need perfecting and refining. Some things might not work as well as others. Errors may be made along the way.That’s a good thing; you’ll start to find out what works well and once you’ve figured out the most effective methods, they can be put into practice. You’ll be more comfortable to leave the team fully in control and build the same relationships with clients you have.

Implement this into your own business and you’ll see your business and value grow, but also your time. Go ahead, kill the rainmaker now!